Modern Office Building with
For Sale
$3,200,000
9404 Margo Ln, Munster, IN 46321
Office and warehouse facilities combine executive offices, flexible work areas, conference space, and furnished interiors.
Property Size13,282 SF
Price / SF$240.93
Days on Market291
Property Features for 9404 Margo Ln
General Information
Standard status
Active
Size
13,282 SF
Property subtype
Commercial
Building Details
Year Built
2017
Listing Agency:
Realty Executives Premier Illinois
Listed By:
Bill Port · License #475167449
Source:
Illianahomesource
Added: Nov 10, 2025
Changed: Aug 28
Last Checked: Aug 25 at 6:54AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Realty Executives Premier Illinois
Investment Insights
Based on property information with market context.
Built in 2017, this office property combines a 13,382-square-foot building with a separate 1,152-square-foot garage and storage structure, creating 14,534 square feet overall. The interior includes 11 private executive offices, more than 50 workstations, a reception and waiting area, a conference room with seating for 16, two break areas, multiple restrooms, a copy room, and a shipping and warehouse section. Furnishings include desks, chairs, cabinetry, and workstations, while the employee break area includes a full kitchen.
The site provides 63 exterior parking spaces and 4 garage spaces. It is adjacent to 45th Street and Margo Lane, near the entrance to West Lakes subdivision. The property is approximately 0.3 miles from the Indiana-Illinois border, 8 miles southeast of Chicago, 1 mile from Lansing Municipal Airport, and within 3 miles of South Shore commuter rail stations and three area hospitals.
The site provides 63 exterior parking spaces and 4 garage spaces. It is adjacent to 45th Street and Margo Lane, near the entrance to West Lakes subdivision. The property is approximately 0.3 miles from the Indiana-Illinois border, 8 miles southeast of Chicago, 1 mile from Lansing Municipal Airport, and within 3 miles of South Shore commuter rail stations and three area hospitals.
Key Highlights
- 13,382‑square‑foot office building plus a 1,152‑square‑foot garage and storage structure
- 11 private executive offices and more than 50 workstations
- Conference room seats 16; multiple restrooms and two employee break areas
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$168,477
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.26%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$3,369,540
$3.4M
Cap Rate 7%
$2,406,814
$2.4M
Cap Rate 9%
$1,871,967
$1.9M
Market Conditions
NOI Build-Up for 13,282 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$286.9K $21.60/SF
− Vacancy
−$62.3K −$4.69/SF
EGI
$224.6K $16.91/SF
− OpEx
−$56.2K −$4.23/SF
NOI
$168.5K $12.68/SF
Area
Lake County, IN
Vacancy
21.70%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$3,369,540
Cap Rate 7%
$2,406,814
Cap Rate 9%
$1,871,967
Alternative Uses
Best Use
Office B
$2.41M
$2.11M – $2.81M
NOI $168,477 @ 7.0% cap · market cap 5.26%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$3.71M
$3.24M – $4.33M
NOI $259,547 @ 7.0% cap · market cap 8.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
356
Businesses Nearby
Explore this area
Business Placement
Demographics for 46321, IN
23,894
Population
9,786
Households
2.4
Avg Household Size
45
Median Age
48%
College-Educated
96%
High-School Grad
7.6 sq mi
ZIP Area
3,144
Density / Sq Mi
$105,764
Median Household Income
$57,796
Median Earnings
$1,480
Median Rent
$312,000
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Office and warehouse facilities combine executive offices, flexible work areas, conference space, and furnished interiors.
Where is this office building located?
The property is located at 9404 Margo Ln Munster, IN.
What is the asking price?
The asking price for this property is $3,200,000.
What are key features of this property?
This property features: 13,382‑square‑foot office building plus a 1,152‑square‑foot garage and storage structure; 11 private executive offices and more than 50 workstations; Conference room seats 16; multiple restrooms and two employee break areas
